We do need more new jobs, lots of them, but there are already more than three million jobs open and unfilled in America today, mostly because the applicants don’t have the required skills. We have to prepare more Americans for the new jobs that are being created in a world fueled by new technology. That’s why investments in our people are more important than ever. The president has supported community colleges and employers in working together to train people for open jobs in their communities. And, after a decade in which exploding college costs have increased the drop-out rate so much that we’ve fallen to 16th in the world in the percentage of our young adults with college degrees, his student loan reform lowers the cost of federal student loans and even more important, gives students the right to repay the loans as a fixed percentage of their incomes for up to 20 years. That means no one will have to drop-out of college for fear they can’t repay their debt, and no one will have to turn down a job, as a teacher, a police officer or a small town doctor because it doesn’t pay enough to make the debt payments. This will change the future for young Americans.
I know we’re better off because President Obama made these decisions.
That brings me to health care.
The Republicans call it Obamacare and say it’s a government takeover of health care that they’ll repeal. Are they right? Let’s look at what’s happened so far. Individuals and businesses have secured more than a billion dollars in refunds from their insurance premiums because the new law requires 80 percent to 85 pecent of your premiums to be spent on health care, not profits or promotion. Other insurance companies have lowered their rates to meet the requirement. More than 3 million young people between 19 and 25 are insured for the first time because their parents can now carry them on family policies. Millions of seniors are receiving preventive care including breast cancer screenings and tests for heart problems. Soon the insurance companies, not the government, will have millions of new customers many of them middle class people with pre-existing conditions. And for the last two years, health care spending has grown under 4 pecent, for the first time in 50 years.
So are we all better off because President Obama fought for it and passed it? You bet we are.
There were two other attacks on the president in Tampa that deserve an answer. Both Gov. Romney and congressman Ryan attacked the president for allegedly robbing Medicare of $716 billion. Here’s what really happened. There were no cuts to benefits. None. What the president did was save money by cutting unwarranted subsidies to providers and insurance companies that weren’t making people any healthier. He used the saving to close the donut hole in the Medicare drug program, and to add eight years to the life of the Medicare Trust Fund. It’s now solvent until 2024. So President Obama and the Democrats didn’t weaken Medicare, they strengthened it.
When congressman Ryan looked into the TV camera and attacked President Obama’s “biggest coldest power play” in raiding Medicare, I didn’t know whether to laugh or cry. You see, that $716 billion is exactly the same amount of Medicare savings congressman Ryan had in his own budget.
At least on this one, Gov. Romney’s been consistent. He wants to repeal the savings and give the money back to the insurance companies, re-open the donut hole and force seniors to pay more for drugs, and reduce the life of the Medicare Trust Fund by eight years. So now if he’s elected and does what he promised Medicare will go broke by 2016. If that happens, you won’t have to wait until their voucher program to begins in 2023 to see the end Medicare as we know it.
But it gets worse. They also want to block grant Medicaid and cut it by a third over the coming decade. Of course, that will hurt poor kids, but that’s not all. Almost two-thirds of Medicaid is spent on nursing home care for seniors and on people with disabilities, including kids from middle class families, with special needs like, Down syndrome or autism. I don’t know how those families are going to deal with it. We can’t let it happen
Now let’s look at the Republican charge that President Obama wants to weaken the work requirements in the welfare reform bill I signed that moved millions of people from welfare to work.
Here’s what happened. When some Republican governors asked to try new ways to put people on welfare back to work, the Obama administration said they would only do it if they had a credible plan to increase employment by 20 percent. You hear that? More work. So the claim that President Obama weakened welfare reform’s work requirement is just not true. But they keep running ads on it. As their campaign pollster said “we’re not going to let our campaign be dictated by fact checkers.” Now that is true. I couldn’t have said it better myself— I just hope you remember that every time you see the ad.
Let’s talk about the debt. We have to deal with it or it will deal with us. President Obama has offered a plan with $4 trillion in debt reduction over a decade, with $2 of spending reductions for every $1 of revenue increases, and tight controls on future spending. It’s the kind of balanced approach proposed by the bipartisan Simpson-Bowles commission.
I think the president’s plan is better than the Romney plan, because the Romney plan fails the first test of fiscal responsibility: The numbers don’t add up.
It’s supposed to be a debt reduction plan but it begins with $5 trillion in tax cuts over a 10-year period. That makes the debt hole bigger before they even start to dig out. They say they’ll make it up by eliminating loopholes in the tax code. When you ask “which loopholes and how much?” they say, “See me after the election on that.”
People ask me all the time how we delivered four surplus budgets. What new ideas did we bring? I always give a one-word answer: arithmetic. If they stay with a $5 trillion tax cut in a debt reduction plan— the— arithmetic tells us that one of three things will happen:
1) they’ll have to eliminate so many deductions like the ones for home mortgages and charitable giving that middle class families will see their tax bill go up $2,000 year while people making over $3 million a year get will still get a 250,000 dollar tax cut; or
2) they’ll have to cut so much spending that they’ll obliterate the budget for our national parks, for ensuring clean air, clean water, safe food, safe air travel; or they’ll cut way back on Pell Grants, college loans, early childhood education and other programs that help middle class families and poor children, not to mention cutting investments in roads, bridges, science, technology and medical research; or
3) they’ll do what they’ve been doing for thirty plus years now— cut taxes more than they cut spending, explode the debt, and weaken the economy. Remember, Republican economic policies quadrupled the debt before I took office and doubled it after I left. We simply can’t afford to double-down on trickle-down.
President Obama’s plan cuts the debt, honors our values, and brightens the future for our children, our families and our nation.
My fellow Americans, you have to decide what kind of country you want to live in. If you want a you’re on your own, winner take all society you should support the Republican ticket. If you want a country of shared opportunities and shared responsibilities— a “we’re all in it together” society, you should vote for Barack Obama and Joe Biden. If you want every American to vote and you think it’s wrong to change voting procedures just to reduce the turnout of younger, poorer, minority and disabled voters, you should support Barack Obama. If you think the president was right to open the doors of American opportunity to young immigrants brought here as children who want to go to college or serve in the military, you should vote for Barack Obama. If you want a future of shared prosperity, where the middle class is growing and poverty is declining, where the American Dream is alive and well, and where the United States remains the leading force for peace and prosperity in a highly competitive world, you should vote for Barack Obama.
I love our country— and I know we’re coming back. For more than 200 years, through every crisis, we’ve always come out stronger than we went in. And we will again as long as we do it together. We champion the cause for which our founders pledged their lives, their fortunes, their sacred honor— to form a more perfect union.
If that’s what you believe, if that’s what you want, we have to re-elect President Barack Obama.
God bless you — God bless America.
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